Chapter 10 Question 2

Answer all the requirements please.

Thyme Investments completed the following investment transactions during 2024: (i) (Click the icon to view the investment transactions.) Read the requirements. Begin by journalizing Thyme's investment on January 5, 2024. More info Requirements 1. Journalize Thyme's investment transactions. Explanations are not required. Purchased Vandel Company's $625,000 bond at face value. Thyme classified the 2. Prepare a partial balance sheet for Thyme's Vandel investment as of investment as available-for-sale. The Vandel bond pays interest at the annual rate of 8% on June 30 and December 31 and matures on December 31, 2029. Management's intent is to keep the bonds for several years. 3. Prepare a comprehensive income statement for Thyme Investments for year ended December 31, 2024. Assume net income was $300,000. Jun. 30 Received an interest payment from Vandel. Dec. 31 Received an interest payment from Vandel. Dec. 31 Adjusted the investment to its current market value of $618,500